UAE’s second quarter results Emaar’s second quarter results beat the estimates of both the investment banking firm EFG-Hermes and Al Mal Capital Investment Bank. The income growth was mainly the result of the rental income which recorded a growth of 357 percent quarter-on-quarter, and of newly completed homes that are being handed over in Turkey and Pakistan. Emaar also wrote-off the full remaining balance of its exposure to US Subsidiary JL Homes, which decreased the value of its development properties and lowered the firm’s total debt. According to Al Mal Capital, the write-down will lead to a positive reaction in the stock market, but investors should “avoid the stock” until there is more clarity regarding the merger of Emaar with Dubai Holdings’ three real estate entities. While Al Mal Capital kept Emaar’s rating under review, EFG-Hermes upgraded the stock to neutral, while sharing Al Mal Capital’s opinion on avoiding it
